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| 90-day Delinquency & Foreclosures Up, 30-Day Rate Down
1.99% 1st mortgage delinquency in September
Oct. 21, 2011
By MortgageDaily.com staff
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Good news about 30-day delinquency was offset by deterioration in the 90-day rate and foreclosures.
Lender Processing Services Inc. reported today that delinquency of at least one month, excluding foreclosures, slipped to 8.09 percent in September from 8.13 percent a month earlier.
But LPS also reported that foreclosures climbed to 4.18 percent from 4.11 percent in August.
Another report this week, the S&P/Experian Consumer Credit Default Indices, indicated that delinquency of at least 90 days on first mortgages rose to 1.99 percent from 1.92 percent the prior month.
First-mortgage delinquency was better, however, than 3.02 percent in September 2010.
The delinquency statistics were based on Experian's database of around $11 trillion in outstanding loans sourced from 11,500 lenders.
S&P said that second-mortgage delinquency also increased, to 1.32 percent from 1.27 percent. But the second-mortgage rate has tumbled from 2.14 percent the same month last year.
Factoring in other types of consumer credit such as bank cards and auto loans, the composite default index indicated that delinquency climbed 6 basis points from August to 2.10 percent. Overall delinquency was better than 3.14 percent a year earlier.
Miami sported the highest overall delinquency rate of any of the five-biggest cities: 4.59 percent. |
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